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VeChain (VET), a Singapore-based enterprise blockchain platform for financial services and supply chain management, announced this week that it has entered into a partnership with BYD Auto, one of China’s largest automobile manufacturers, to develop a carbon credit solution on the VeChainThor blockchain.

According to the announcement, BYD has entered into the VeChain partnership alongside DNV GL, to develop an automobile lifecycle management solution on the VeChainThor blockchain that “encompasses nearly every branch of the automotive industry.”

A major element of the new system, which will interconnect everything from cars to trains and buses, are carbon credits, a form of token that will reward drivers based on their vehicles’ driving performance and carbon reduction. Each user’s carbon footprint will be recorded in the VeChainThor blockchain, allowing for easy data management, sharing, and analytics.

In a statement accompanying the announcement, Sunny Lu, the co-founder CEO of VeChain, shared his thoughts on the potential impact of carbon banking on the blockchain.

As the global leader in green car manufacturing, BYD offered us the opportunity to pioneer real change. It takes innovators like BYD to make the world a cleaner place. Carbon banking will be a new reality for billions.

The announcement comes just days after VeChain revealed that it has entered into a partnership with the People’s Insurance Company of China (PICC), the largest state-owned insurance company in the People’s Republic of China, to bring blockchain technology to the industry.

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VET is currently ranked 17th in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: BYD Announcement
Related: VeChain (VET) Partners With China’s Largest Insurance Company
Photo: hans-johnson / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.

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